Becoming a Successful Trader

We recently held a contest to award three free seats for our upcoming Market Profile Immersion Mini Intensive. We asked you to choose a question from the options below:

If you are familiar with Jim Dalton’s teachings and the Market Profile, and have not taken an intensive with us before, why not?

What has been your past experience with trading educational courses/seminars and why are you interested in taking our Mini Intensive?

What do you think the steps are to becoming a successful trader and why?

Only one response included the most important characteristic of a successful trader: a passion to trade. Without passion, you’re unlikely to spend the time required to endure repeated frustrations to become deeply involved in the market—the only way to become competitive.

Only one person clearly identified what they would trade, what they were looking for, and what timeframe they would address: “I will trade the ES on a day-timeframe basis. I will trade with the trend when the market is trending, and I will focus on rotational opportunities when the market is balancing or bracketing.”

Only one person identified as a “discretionary trader,” and no one identified as a “systematic trader.” My biggest concern was that most respondents hadn’t thought through the importance of describing what kind of trader they desire to be.

In any skill-based endeavor, it is vital to understand your opponents and their behaviors. Only four responses included this important aspect of trading.

Most of you focused on results, indicators, patience, and discipline—without addressing your process. Embracing the process is where success begins. If what you’ve been doing is not successful, consider a fresh start, and focus on the items discussed above.